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Group Five business rescue on track

9th January 2020

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

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The sales process of the secured subsidiary of embattled construction company Group Five (G5), Everite, is ongoing, the company’s business rescue practitioners (BRPs) – Dave Lake and Peter van den Steen – confirmed on Thursday.

The legally separate business rescue process for G5 Construction is also ongoing; however, the BRPs said that “there currently remains no realistic prospect of any financial recovery by the company from the G5 business rescue process”.

Remaining project-linked activities for G5 Construction are stable with the majority of project executions continuing to progress as planned.

Overall, for both businesses in terms of litigation, there continues to be a number of existing dispute-related matters that the company is involved with that are currently ongoing.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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